Fortinet, Inc. $FTNT Holdings Increased by Krilogy Financial LLC

Key Points

• Krilogy Financial increased its Fortinet stake by 42.9% in the third quarter, bringing its holdings to 29,226 shares valued at approximately $5.6 million. Institutional investors collectively own 83.71% of FTNT.
• Fortinet reported quarterly earnings of $0.90 per share on $2.05 billion in revenue, beating analyst expectations and marking 25.6% year-over-year revenue growth. The company also issued fiscal 2026 EPS guidance of $3.410 to $3.470.
• Despite positive earnings momentum and higher price targets from some analysts, FTNT’s valuation remains a concern: the stock traded near its 52-week high, while the analyst consensus rating was Hold with an average price target of $156.80 versus its $190.76 share price.

Krilogy Financial LLC raised its stake in Fortinet, Inc. (NASDAQ:FTNT - Free Report) by 42.9% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 29,226 shares of the software maker's stock after buying an additional 8,781 shares during the quarter. Krilogy Financial LLC's holdings in Fortinet were worth $5,639,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of FTNT. Transamerica Financial Advisors LLC acquired a new position in shares of Fortinet during the 2nd quarter worth about $492,000. QRG Capital Management Inc. increased its holdings in shares of Fortinet by 21.4% during the 1st quarter. QRG Capital Management Inc. now owns 75,491 shares of the software maker's stock worth $6,169,000 after acquiring an additional 13,294 shares during the last quarter. Wealth Enhancement Trust Services Inc. lifted its holdings in Fortinet by 83.8% during the 3rd quarter. Wealth Enhancement Trust Services Inc. now owns 22,326 shares of the software maker's stock valued at $3,991,000 after purchasing an additional 10,180 shares during the last quarter. Vista Investment Partners LLC grew its stake in Fortinet by 53.1% in the 2nd quarter. Vista Investment Partners LLC now owns 49,058 shares of the software maker's stock valued at $7,537,000 after buying an additional 17,018 shares during the last quarter. Finally, Farther Finance Advisors LLC boosted its holdings in shares of Fortinet by 35.5% during the third quarter. Farther Finance Advisors LLC now owns 32,402 shares of the software maker's stock worth $5,792,000 after acquiring an additional 8,488 shares during the period. Institutional investors and hedge funds own 83.71% of the company's stock.

Fortinet Price Performance

Fortinet stock opened at $190.76 on Wednesday. The firm has a market cap of $139.96 billion, a P/E ratio of 67.17, a P/E/G ratio of 3.60 and a beta of 1.03. Fortinet, Inc. has a one year low of $73.55 and a one year high of $197.13. The company has a debt-to-equity ratio of 0.32, a current ratio of 1.28 and a quick ratio of 1.19. The stock's 50 day moving average is $168.31 and its 200 day moving average is $141.21.

Fortinet (NASDAQ:FTNT - Get Free Report) last announced its earnings results on Wednesday, July 29th. The software maker reported $0.90 earnings per share for the quarter, topping analysts' consensus estimates of $0.75 by $0.15. The business had revenue of $2.05 billion during the quarter, compared to the consensus estimate of $1.89 billion. Fortinet had a net margin of 28.17% and a return on equity of 191.54%. Fortinet's quarterly revenue was up 25.6% on a year-over-year basis. During the same quarter last year, the firm earned $0.64 earnings per share. Fortinet has set its FY 2026 guidance at 3.410-3.470 EPS and its Q3 2026 guidance at 0.830-0.870 EPS. As a group, research analysts expect that Fortinet, Inc. will post 3.10 EPS for the current year.

Fortinet News Summary

Here are the key news stories impacting Fortinet this week:

• Positive Sentiment: Barclays raised its price target for Fortinet from $190 to $210, signaling greater confidence in the company’s growth outlook and AI-related cybersecurity opportunity. Barclays raises target for Fortinet stock
• Positive Sentiment: Fortinet’s participation at GovWare 2026 in Singapore highlighted its AI-enabled security and networking products, potentially strengthening its position in Asia and the growing AI-security market. Fortinet AI security push and GovWare 2026
• Positive Sentiment: Recent coverage emphasized Fortinet’s record margins, repeated earnings beats, positive estimate revisions and raised 2026 guidance. These factors support the company’s profitability narrative despite broader cost pressures. Fortinet strong margin profile
• Neutral Sentiment: Fortinet scheduled its next results for October 28. The report could become the next major catalyst, particularly because investors will be looking for confirmation of the company’s guidance and AI-security demand. Fortinet schedules October 28 results
• Negative Sentiment: Analysts and commentary increasingly characterize FTNT as expensive after its substantial 2026 advance. One analysis estimated the shares could be about 54% overvalued, increasing the risk of consolidation or profit-taking even after better-than-expected earnings. Fortinet could be overvalued
• Negative Sentiment: Potential headwinds include rising chip costs and unfavorable product-mix changes, which could pressure Fortinet’s unusually strong margins. The stock’s high valuation makes it particularly sensitive to any earnings or guidance disappointment. Fortinet valuation downgrade

Analysts Set New Price Targets

FTNT has been the topic of several recent research reports. Stephens increased their price objective on Fortinet from $160.00 to $165.00 and gave the stock an "equal weight" rating in a research report on Thursday, July 30th. BTIG Research upped their target price on Fortinet from $186.00 to $203.00 and gave the company a "buy" rating in a research report on Thursday, July 30th. Daiwa Securities Group increased their price objective on shares of Fortinet from $115.00 to $165.00 and gave the stock a "neutral" rating in a research note on Tuesday, August 4th. DZ Bank lowered shares of Fortinet from a "hold" rating to a "strong sell" rating in a research report on Thursday, July 30th. Finally, Wells Fargo & Company set a $135.00 price target on Fortinet and gave the company an "underweight" rating in a research note on Thursday, July 30th. Two investment analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating, twenty-one have issued a Hold rating and five have assigned a Sell rating to the company. Based on data from MarketBeat, Fortinet currently has a consensus rating of "Hold" and an average target price of $156.80.

Insider Buying and Selling

In other news, VP Michael Xie sold 3,121 shares of the company's stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $162.63, for a total transaction of $507,568.23. Following the transaction, the vice president directly owned 9,918,360 shares of the company's stock, valued at $1,613,022,886.80. This represents a 0.03% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Ken Xie sold 161,482 shares of Fortinet stock in a transaction on Monday, August 3rd. The stock was sold at an average price of $162.66, for a total transaction of $26,266,662.12. Following the transaction, the chief executive officer directly owned 52,972,372 shares in the company, valued at $8,616,486,029.52. This represents a 0.30% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders have sold 221,303 shares of company stock valued at $36,164,034. 17.60% of the stock is owned by company insiders.

About Fortinet

Fortinet, Inc develops and provides cybersecurity products and services for businesses, governments, and service providers. The company's portfolio is designed to protect networks, endpoints, applications, cloud environments, and operational technology from cyber threats.

Its offerings include FortiGate next-generation firewalls, FortiSwitch secure networking switches, FortiAP wireless access points, FortiClient endpoint security, and FortiSASE secure access service edge solutions. Fortinet also provides centralized management and analytics through products such as FortiManager and FortiAnalyzer, along with security operations, threat intelligence, and other subscription-based services through its FortiGuard portfolio.

Founded in 2000, Fortinet serves customers globally through direct sales, channel partners, and managed security service providers.

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